Saturday, October 10, 2020

The Market in the Market Gap

 If you go to WIRED magazine's web site, this is how The Long Tail is introduced:



 

It was originally an in-depth article by WIRED Editor Chris Anderson which eventually developed into both the The Long Tail book and The Long Tail blog.

This is important because the long tail is at the heart of niche markets.


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A niche is defined as a a shallow recess, especially one in a wall to display a statue or other ornament. A niche market is therefore a small, specialized market for a particular product or service.

In essence, a niche market exists in a gap within a large market segment.

 

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But there's a key question any person or business coming to market with either a product or a service needs to ask:

Is there a market within that gap in the market?


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Starting small. That is the very foundation of scaling and organic growth. Niche markets are small, and may at times appear to exist tucked away in market segments that initially show little promise or seem hopeless.





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